During the time when your business has been down due to the slow economy in addition to costs are rising for accepting credit cards? Yes, your rates and fees you the small business owner pay may go up, way up depending on the person you do business by way of.
One Merchant Services processor announced these were raising their rates by .27%!! That’s a huge increase. Even so it doesn’t stop their. I’ve seen several other companies hop on the bandwagon and announce they have raised their rates very. The largest increase I’ve seen to date has been a.45%. So if you were paying 2% you will easily be paying 2.45%.
Please keep in the mind this is not Visa, or MasterCard raising their rates, it is the Merchant Services Processing companies!
Time to obtain a Statements out!! You should have received these your past mail by now. In the last paragraph on finally page of your statement is where they usually disclose (hide) the rate increase. It % the rates are going up and/or a transaction fee ($.xx) increase. In addition, it states that seeking continue to process with the company May 1st you might have agreed to their rate increase.
It may the perfect to shop around for a different online gaming merchant account Services Provider if your current company is raising your rates. There are various of Merchant Services Providers out there that are not increasing their processing rates.
I’m frightened at the number of business men or those in charge of the books for companies, who don’t even bother opening their statements any further! This industry is very broken and the majority of the processors have made their statements so confusing and hard to read, that business quit opening them. This gives these companies a real easy way to rise rates and fees since all the alerts and communications are on the statements.
I have held it’s place in the payments processing industry as business relationship executive (OK salesman, but account executive sounds better) clogs under 9 years. One of the many things I’ve learned is there degree of complexity of games being played at your expense.
It is necessary to process your own cards as efficiently as possible so you can reduce the fees you pay. Lots of the fees not only do you can be avoided if you exactly what to look with.